Jun 2, 2022

Blue West Capital Arranges Sale of Single Tenant Aspen Dental in Greeley, CO

GREELEY, CO – [June 2, 2022] – Blue West Capital has completed the sale of a single tenant net leased Aspen Dental property located at 4214 Centerplace Drive in Greeley, CO for $3,566,000. The property sold for a 4.90% cap rate which is the 2nd lowest cap rate ever recorded for an Aspen Dental property according to CoStar. Robert Edwards and Tom Ethington, of Blue West Capital, exclusively represented the seller, a repeat national developer. The buyer was a Nevada-based privately held real estate investment company.

The 3,718 square foot Aspen Dental property is located north of US Highway 34 in Centerplace of Greeley III, apower center owned by Regency Centers. The property benefits from excellent US Highway 34 visibility and is an outparcel directly in front of Best Buy. The Aspen Dental lease features a corporate guarantee and a brand new 10-year term with options. The building was originally constructed as a Steak ‘N Shake and was renovated and repurposed into the Aspen Dental in 2022. The property is positioned in an affluent area with average annual household incomes of $92,000 within one mile.

“Single tenant net lease properties with high quality locations and minimal landlord responsibilities are at the forefront of demand amongst net lease and 1031 exchange investors. The 10% rental increases were appealing to investors wanting to achieve the best risk-adjusted returns in a rising interest rate environment,” said Robert Edwards, Managing Partner.

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